From the Archives: December 2013

GSE Reform Delayed as Budget Discussions Ramp Up 

While the U.S. Senate Banking Committee hosted several hearings on GSE reform in November, budget negotiations have slowed the chamber's work on housing finance reform. CUNA’s testimony in a Senate hearing last month focused on several key components of housing finance reform, using S. 1217, the Housing Finance Reform and Taxpayer Protection Act (the Senate’s Corker-Warner bill) as a base from which to recommend changes. New GSE reform legislation was expected to be introduced in early December by Chairman Sen. Tim Johnson, D-S.D., and ranking member Mike Crapo, R-Idaho, but budget talks have pushed GSE discussions into 2014. Their new proposal is expected to mirror the structure of the current Senate proposal, including important credit union components of a government backed 30 year fixed mortgage product and access to the secondary market. MCUL will continue to communicate our GSE priorities as additional drafts are introduced in early 2014.

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